Explore Free Joint Admission and Matriculation Board (JAMB) CBT Principles of Accounts Questions and answers. There is CBT Accounting for candidates that indicated interest during the UTME Registration. Make good use of this Likely Objectives Questions and answers on Principles of Accounts.
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Sample Principles of Accounts Past Questions for JAMB
Carefully read and understand the Principles of Accounts Questions and answers for JAMB UTME and how to answer questions successfully:
1. The ultimate control of a company is determine by one of the following ?
- A. management
- B. employees
- C. shareholders
- D. board of directors
Answer: C (shareholders)
2. Which of the following is not an advantage of control account?
- A. difficulty in committing fraud
- B. helps in locating errors
- C. helps to determine profit and loss
- D. it can be used to detect missing figure
Answer: A (difficulty in committing fraud)
3. In company account, dividend payments are effected in which of the following accounts?
- A. capital
- B. current
- C. appropriation
- D. realization
Answer: C (appropriation)
4. The Accounting term used to describe a partnership firm that stops operation and disposes its assets is
- A. Realization
- B. Revaluation
- C. Amortization
- D. Dissolution
Answer: D (Dissolution)
5. Which of the following expenses is *not* apportined in proportion to turnover?
- A. rent
- B. carriage outwards
- C. discount allowed
- D. commission
Answer: A (rent)
6. The short term solvency of a company is determined with ——- ratio
- A. debt to equity
- B. gross profit margin
- C. acid test
- D. current
Answer: D (current)
7. Shares are said to be authorized when they are
- A. subscribed
- B. called up
- C. offered for sale
- D. paid -up
Answer: C (offered for sale)
8. Current assets are shown in the balance sheet in order of performance as
- A. debtors, stock, cash and bank
- B. stock, debtors, bank and cash
- C. stock, bank, debtors and cash
- D. debtors, stock, bank and cash
Answer: B (stock, debtors, bank and cash)
9. The document issued by a revenue collector as evidence of payment to a government ministry is a
- A. receipt voucher card
- B. payment voucher
- C. treasury receipt
- D. stores receipt voucher
Answer: A (receipt voucher card)
10. The document which is legal charter of a company that defines the limits of a company’s field of operation is known as
- A. prospectus
- B. equity share certificate
- C. articles of association
- D. memorandum of association
Answer: D (memorandum of association)
11. When the goods are sold on credit to a buyer, the account receivable account will be
- A. credited
- B. contra entry
- C. debited
- D. debit and credit
Answer: C (debited)
12. Profit expressed in relation to cost of goods sold is
- A. margin
- B. cost price
- C. turnover
- D. mark -up
Answer: D (mark -up)
13. The accounting system in which only one aspect of transaction is recorded is
- A. single entry
- B. double entry
- C. original entry
- D. single column cash book
Answer: A (single entry)
14. The part of capital issued only at the time of liquidation of the company is
- A. paid-up capital
- B. called-up capital
- C. issued capital
- D. reserved capital
Answer: D (reserved capital)
15. The authority to transfer fund from one head to another within the same organization is called
- A. vote
- B. warrant
- C. fund
- D. virement
Answer: D (virement)
16.The following balances were extracted from the books of Onuoha, a trader on 31st December 2005
| Audit fee | 12000 |
| General expenses | 30000 |
| Purchases | 70000 |
| Commission paid | 30000 |
| Stock (1 – 01 – 2005) | 10000 |
| Stock ( 31 – 12 – 2005) | 15000 |
| Sales | 120000 |
The gross profit is
- A. #35,000
- B. #45,000
- C. #55,000
- D. #25,000
Answer: C (#55,000)
17. The following balances were extracted from the books of Adama Ltd on 31st August 2007
| # | |
| Sales | 200000 |
| Drawings | 10000 |
| Land and building | 70000 |
| Furniture | 10000 |
| Debtors | 50000 |
| Creditors | 35000 |
| Capital | 85000 |
| Bank | 10000 |
| General expenses | 10000 |
| Stock ( 31-08-2007) | 10000 |
| Purchases | 140000 |
| Stock (1-09- 2006) | 20000 |
The current ratio is
- A. 3:1
- B. 2:1
- C. 1:1
- D. 1.2:1
Answer: B (2:1)
18. The following balances were extracted from the books of Adama Ltd on 31st August 2007
| # | |
| Sales | 200000 |
| Drawings | 10000 |
| Land and building | 70000 |
| Furniture | 10000 |
| Debtors | 50000 |
| Creditors | 35000 |
| Capital | 85000 |
| Bank | 10000 |
| General expenses | 10000 |
| Stock ( 31-08-2007) | 10000 |
| Purchases | 140000 |
| Stock (1-09- 2006) | 20000 |
The gross profit is
- A. #40,000
- B. #50,000
- C. #70,000
- D. #60,000
Answer: B (#50,000)
19. The following balances were extracted from the books of Adama Ltd on 31st August 2007
| # | |
| Sales | 200000 |
| Drawings | 10000 |
| Land and building | 70000 |
| Furniture | 10000 |
| Debtors | 50000 |
| Creditors | 35000 |
| Capital | 85000 |
| Bank | 10000 |
| General expenses | 10000 |
| Stock ( 31-08-2007) | 10000 |
| Purchases | 140000 |
| Stock (1-09- 2006) | 20000 |
Total fixed assets is
- A. #70,000
- B. #150,000
- C. #165,000
- D. #80,000
Answer: D (#80,000)
20. The following balances were extracted from the books of Adama Ltd on 31st August 2007
| # | |
| Sales | 200000 |
| Drawings | 10000 |
| Land and building | 70000 |
| Furniture | 10000 |
| Debtors | 50000 |
| Creditors | 35000 |
| Capital | 85000 |
| Bank | 10000 |
| General expenses | 10000 |
| Stock ( 31-08-2007) | 10000 |
| Purchases | 140000 |
| Stock (1-09- 2006) | 20000 |
Percentage of net profit to sale is
- A. 10%
- B. 40%
- C. 30%
- D. 20%
Answer: D (20%)
21.
| # | # | |
| Debtors | 2000 | 6000 |
| Stock | 1000 | 1300 |
| Discount allowed | 500 | |
| Cash received from debtors | 10000 |
Sales for the year is
- A. #14,000
- B. #10,500
- C. #14,500
- D. #16,500
Answer: A (#14,000)
22.
| # | |
| Stock 1/1/09 | 2200 |
| Purchases | 18000 |
| Sales | 27000 |
| Salaries | 1500 |
| Rejection in doubtful debts | 500 |
| Office expenses | 1100 |
| Other expenses | 1300 |
| Stock 31/12/09 | 1000 |
The total expenses is
- A. #3,900
- B. #3,800
- C. #4,400
- D. #3,400
Answer: A (#3,900)
23. The following extracts are made from the books of Agama Enterprises.
| Motor van (cost) | 120000 |
| Life span | 4 years |
| rate of Depreciation | 40% |
Method of depreciation used is Diminishing Balance The depreciation charge for year two is
- A. #28,800
- B. #48,000
- C. #17,280
- D. #10,370
Answer: A (#28,800)
24.
The following extracts are made from the books of Agama Enterprises.
| Motor van (cost) | 120000 |
| Life span | 4 years |
| rate of Depreciation | 40% |
Method of depreciation used is Diminishing Balance The scrap value of the asset at the end of year four is
- A. #15,552
- B. #10,368
- C. #10,375
- D. #17,280
Answer: B (#10,368)
25. Ifedapo Local Council has the following details for 2008
| # | |
| Fines | 5000 |
| Allocation from state government | 20000 |
| Tenement rates | 10000 |
| Licences | 12000 |
| Hospital beds | 8000 |
| Ambulance | 13000 |
| Salaries | 15000 |
| Vehicles fueling | 7000 |
The Local Council’s revenue for 2008 was
- A. #47,000
- B. #37,000
- C. #42,000
- D. #27,000
Answer: A (#47,000)
26.Ordinary shares are also known as
- A. equity
- B. net worth
- C. loan
- D. reserve
Answer: A (equity)
27. The coming together of two sole trading businesses to form a partnership is
- A. combination
- B. acquisition
- C. amalgamation
- D. association
Answer: C (amalgamation)
28. Which of the following is a subsidiary book as well as a ledger?
- A. cash book
- B. general journal
- C. returns outward book
- D. purchases day book
Answer: A (cash book)
29. Which of the following is not required in preparing a statement of affairs?
- A. fixed assets
- B. net profit
- C. accruals
- D. cash in hand
Answer: B (net profit)
30. The opening stock at the beginning of an accounting period represents
- A. goods returned from last accounting period
- B. cost of goods sold
- C. cost of goods purchased
- D. goods available for sale
Answer: D (goods available for sale)
31. Which of the following bodies regulates accounting practices in Nigeria?
- A. ANAN
- B. EFCC
- C. NIB
- D. NIT
Answer: A (ANAN)
32. A method of stock valuation is
- A. accural
- B. owing
- C. advance
- D. SAP
Answer: D (SAP)
33. Peripherals are used in computer to describe
- A. computer types
- B. computer functions
- C. method of inputting data
- D. inputs, output and storage devices
Answer: D (inputs, output and storage devices)
34. Which of the following is a characteristics of a limited liability company?
- A. death of a shareholder dissolves the company
- B. Owned by the directors
- C. separated from the owners
- D. profits are shared equally
Answer: C (separated from the owners)
35. Goodwill is taken into account in partnership business when
- A. the business is being dissolved
- B. the business has good customer relations
- C. a new partner is admitted
- D. when the business is making huge profit
Answer: C (a new partner is admitted)
36. When discount is allowed, the accounting entry is debit discount allowed account and credit ____ account
- A. suspense
- B. expense
- C. creditor
- D. debtor
Answer: D (debtor)
37. A partner whose liability does not extend beyond the amount of capital contributed by him is known as
- A. general partner
- B. active partner
- C. limited partner
- D. legal partner
Answer: C (limited partner)
38. Depriciation is?
- A. an appropriation of profit
- B. estimated life of an asset
- C. loss in the value of fixed asset
- D. increase in asset value
Answer: C (loss in the value of fixed asset)
39. An equipment costing # 9,000 has an estimated residual value of #900, and is depreciated at 10% per annum. What is the depreciation charge for the three using diminishing balance method?
- A. #990
- B. #900
- C. #729
- D. #810
Answer: C (#729)
40. A person who prepares, analyses and interprets financial statements is known as a/an
- A. cashier
- B. book keeper
- C. accountant
- D. analyst
Answer: C (accountant)
How to Answer JAMB Questions 2026
The following are very useful while attempting questions during JAMB UTME:
- Login to your computer appropriately without wasting time
- Call the attention of the invigilators where need arises
- Check and note the time allotted to a particular subject
- Careful read the instructions provided on the screen
- Read and answer the questions accordingly
- Make sure you read the questions at least three times before choosing your option
- Manage the time we’ll
- Do not bypass any question
- All finish and submit at least 3 minutes to the allotted time.
Conclusion
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